An Introduction to Opportunity Zones and Funds
The Opportunity Zones tax incentive was established by Congress in the 2017 Tax Cut and Jobs Act as an innovative approach to spur long-term private sector investments in low-income urban and rural communities nationwide. This economic development initiative is based on the bipartisan Investing in Opportunities Act.
Why now?
More than half of America’s most economically distressed communities contained both fewer jobs and businesses in 2015 than they did in 2000.
New business formation is near a record low. The average distressed community saw a 6 percent declinein local businesses during the prime years of the national economic recovery.
The U.S. economy is increasingly dependent on a handful of places for growth. Five metro areas produced as many new businesses as the rest of the country combined from 2010 –2014. Now is the time to diversify.